本期可行权数量：2,624,632 份 行权人数：290 人 证券代码：603369 证券简称：今世缘 公告编号：2025-004 江苏今世缘酒业股份有限公司 关于2020年股票期权激励计划第一个行权期自主行权实施的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及 连带责任。 重要内容提示： 本期行权起始日期：2025 年 03 月 26 日 行权股票来源：公司向激励对象定向发行公司股份 行权价格：54.51 元/份 江苏今世缘酒业股份有限公司（以下简称"公司"）于 2024 年 11 月 9 日召开第五届董事会第十次会议、第五届监事会第七次会议，审议通过 了《关于调整 2020 年股票期权激励计划行权价格、激励对象名单及股票 期权数量并注销部分期权的议案》，根据公司 2022 年第一次临时股东大 会对董事会的相关授权，行权价格由 56.24 元/份调整为 54.51 元/份，授 予激励对象人数由 334 名调整为 290 名，期权数量由 7,680,000 份调整为 7,232,632 份。具体内容详见公司于 2024 年 ...

证券代码：603369 证券简称：今世缘 公告编号：2025-005 江苏今世缘酒业股份有限公司 关于变更签字注册会计师的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导 性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及 连带责任。 江苏今世缘酒业股份有限公司（以下简称"公司"） 于 2024 年 4 月 29 日召开第五届董事会第六次会议，审议通过了《关于聘任公司 2024 年 度审计业务承办机构的议案》，同意聘任天职国际会计师事务所（特殊普 通合伙）（以下简称"天职国际"）为公司 2024 年度财务报表审计机构 及内部控制审计机构。具体内容详见公司于 2024 年 4 月 30 日在上海证券 交易所网站（www.sse.com.cn）披露的《关于聘任公司 2024 年度审计业 务承办机构的公告》（公告编号：2024-009）。上述事项已于 2024 年 5 月 20 日经公司 2023 年年度股东大会审议通过。 近日，公司收到天职国际发来的《关于变更签字会计师的告知函》。 现将相关情况公告如下： 一、签字注册会计师变更情况 天职国际作为公司 2024 年度财务报表和内部控 ...

2025 年 03 月 13 日 核心观点 主要财务指标预测 | | 2023A | 2024E | 2025E | 2026E | | --- | --- | --- | --- | --- | | 营业收入(百万元) | 10100.38 | 11682.81 | 13099.80 | 14586.50 | | 收入增长率% | 28.05 | 15.67 | 12.13 | 11.35 | | 归母净利润（百万元） | 3136.04 | 3588.80 | 3941.37 | 4386.43 | | 利润增速% | 25.30 | 14.44 | 9.82 | 11.29 | | 毛利率% | 78.34 | 76.09 | 75.50 | 75.00 | | 摊薄 EPS(元) | 2.52 | 2.88 | 3.16 | 3.52 | | PE | 21.82 | 19.07 | 17.36 | 15.60 | | PB | 5.15 | 4.40 | 3.51 | 2.87 | | PS | 6.77 | 5.86 | 5.22 | 4.69 | 公司点评报告 · 食品饮料行业 看好今世缘的 3 ...

Investment Rating - The report assigns a "Buy" rating for the company [3]. Core Insights - The report highlights three key reasons for optimism regarding the company: a more rational competitive landscape in the province, the emerging value of the V series products, and sustained growth in the out-of-province market [6][9]. Financial Forecast Summary - Revenue (in million CNY): - 2023A: 10,100.38 - 2024E: 11,682.81 - 2025E: 13,099.80 - 2026E: 14,586.50 - Revenue Growth Rate (%): - 2023A: 28.05 - 2024E: 15.67 - 2025E: 12.13 - 2026E: 11.35 - Net Profit (in million CNY): - 2023A: 3,136.04 - 2024E: 3,588.80 - 2025E: 3,941.37 - 2026E: 4,386.43 - EPS (CNY): - 2023A: 2.52 - 2024E: 2.88 - 2025E: 3.16 - 2026E: 3.52 - P/E Ratios: - 2023A: 21.82 - 2024E: 19.07 - 2025E: 17.36 - 2026E: 15.60 [2][29]. Company Overview and Rationale for Recommendation - The company is a leading liquor producer in Jiangsu Province, with a strong brand history and a diversified product line that includes the "Guoyuan" brand and its various series [8][9]. - The company has shown resilience in a challenging macroeconomic environment and is expected to benefit from a more rational competitive landscape, particularly against its main competitor, Yanghe [6][9]. - The V series products are gaining traction, indicating potential for upward price adjustments and increased market share [6][23]. - The out-of-province market is also showing promising growth, driven by enhanced brand recognition and strategic market adjustments [6][27].

| | | [Table_Title] 行稳百亿路，缘启新篇章 联系人 ： 郝天宇 S0350124060016 haoty@ghzq.com.cn ——今世缘（603369）公司深度研究 最近一年走势 | 相对沪深 300 | 表现 | | 2025/03/10 | | --- | --- | --- | --- | | 表现 | 1M | 3M | 12M | | 今世缘 | 22.0% | 7.6% | 3.7% | | 沪深 300 | 1.0% | -1.4% | 11.2% | | 市场数据 | | | 2025/03/10 | | 当前价格（元） | | | 53.44 | | 周价格区间（元） 52 | | | 35.35-61.05 | | 总市值（百万） | | | 66,628.99 | | 流通市值（百万） | | | 66,628.99 | | 总股本（万股） | | | 124,680.00 | | 流通股本（万股） | | | 124,680.00 | | 日均成交额（百万） | | | 286.07 | | 近一月换手（%） | | | 0.73 | 相关报告 《今世缘（603 ...

2025 年 03 月 02 日 ▌ 聚焦省内优势价位带，做大四开培育 V 系 产品上，1）100-500 元价位带在苏中、苏北等地保持相对领 先，市占率扎实提升；后续聚焦该价位带扩大优势，持续扩 大淡雅、对开、四开等单品体量。2）推动 500-800 元价位带 跟进，提升 V3 在 600 元价位带影响力；2024 年 V3 营销增幅 达 30%，V6 宴席举办近 3000 场，销售额破亿元，增长 72%。 3）长期推动产品结构升级，加强意见领袖群体建设。 ▌ 省内精耕细作，省外精准拓张 区域上，1）省内持续精耕以缩小各地级市占有率差距，组织 架构改革为总部"三部一司"、配备县级办事处分品牌运作 后全品系市占率逐年提升，后续根据各区情况差异化聚焦核 心价位带。2）省外以四开为核心单品推进周边板块化、长三 角一体化，加强厂商合作，山东、安徽、浙江增幅稳健。 ▌ 盈利预测 我们看好公司跨越百亿后，持续对产品和渠道进击。根据春 节销售情况及最新股本，我们略调整公司 2024-2026 年 EPS 分别为 2.87/3.14/3.47（前值为 2.86/3.17/3.62）元，当前 股价对应 PE 分别为 18/1 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3] Core Views - The company focuses on expanding its market share in the domestic market while strategically growing its presence in external markets. It aims to enhance its product offerings in the 100-500 RMB price range and increase the influence of its V3 product in the 600 RMB segment, targeting a 30% sales growth for V3 in 2024 [1][2] - The company has shown strong sales performance, with V6 hosting nearly 3,000 events and achieving over 100 million RMB in sales, representing a 72% growth [1] - The company is expected to continue its growth trajectory, with adjusted EPS forecasts for 2024-2026 being 2.87, 3.14, and 3.47 RMB respectively, corresponding to PE ratios of 18, 17, and 15 times [3] Summary by Sections Product Strategy - The company is focusing on the 100-500 RMB price range in Jiangsu province, maintaining a leading market share and planning to expand its product lines such as淡雅, 对开, and 四开 [1] - It is also working on enhancing its presence in the 500-800 RMB price range, particularly for the V3 product [1] Regional Strategy - The company is refining its operations within the province to reduce market share disparities among cities and is implementing a structural reform to improve brand operations [2] - For external markets, it is leveraging its core product 四开 to penetrate surrounding areas and strengthen partnerships, with stable growth observed in Shandong, Anhui, and Zhejiang [2] Financial Forecast - The company is projected to achieve a revenue of 11,656 million RMB in 2024, with a growth rate of 15.4%, and a net profit of 3,583 million RMB, reflecting a 14.3% increase [5] - The diluted EPS is expected to grow from 2.50 RMB in 2023 to 3.47 RMB in 2026, indicating a positive outlook for profitability [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong sales performance during the 2025 Spring Festival, with positive feedback from channels indicating a robust growth trajectory for the year. The company is expected to achieve a revenue growth rate that exceeds the industry average [8] - The company aims to enhance its market share both domestically and in external markets, with a focus on strategic channel development and product positioning. The goal for 2025 is to achieve revenue growth in external markets that surpasses domestic growth [8] - The company is positioned to benefit from a stable growth in revenue and profit, with a clear growth path supported by effective marketing strategies and improved operational efficiency [8] Financial Forecasts - Total revenue is projected to grow from 10,100 million RMB in 2023 to 15,413 million RMB in 2026, with year-on-year growth rates of 28.05%, 17.15%, 12.32%, and 15.97% respectively [1] - Net profit attributable to the parent company is expected to increase from 3,136 million RMB in 2023 to 4,803 million RMB in 2026, with corresponding growth rates of 25.30%, 15.03%, 11.83%, and 19.05% [1] - The latest diluted EPS is forecasted to rise from 2.50 RMB in 2023 to 3.85 RMB in 2026, reflecting a positive trend in earnings per share [1] Market Data - The closing price of the company's stock is 50.23 RMB, with a market capitalization of approximately 62,626.77 million RMB [5] - The company has a price-to-earnings (P/E) ratio of 20.09 for 2023, which is expected to decrease to 13.04 by 2026, indicating a potentially attractive valuation over time [1][5] Operational Insights - The company has successfully maintained a healthy inventory level and has effectively managed channel pricing to stabilize profits. This strategic approach is expected to enhance revenue visibility for the year [8] - The company is focusing on optimizing its product structure and pricing strategy to capture market share across different price segments, particularly in the domestic market [8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown strong sales performance during the 2025 Spring Festival, with positive feedback from channels indicating a robust growth trajectory for the year. The company is expected to achieve a revenue growth rate that exceeds the industry average [8] - The company aims to enhance its market share both domestically and in external markets, with a focus on strategic channel development and product positioning. The goal for 2025 is to achieve a revenue growth rate in external markets that surpasses that of domestic markets [8] - The company is expected to maintain stable revenue and profit growth, with a clear growth path driven by market share gains and effective cost management strategies [8] Financial Projections - Total revenue is projected to grow from 10,100 million RMB in 2023 to 15,413 million RMB in 2026, with year-on-year growth rates of 28.05%, 17.15%, 12.32%, and 15.97% respectively [1] - Net profit attributable to the parent company is expected to increase from 3,136 million RMB in 2023 to 4,803 million RMB in 2026, with corresponding growth rates of 25.30%, 15.03%, 11.83%, and 19.05% [1] - The latest diluted EPS is forecasted to rise from 2.50 RMB in 2024 to 3.85 RMB in 2026, reflecting a positive trend in earnings per share [1] Market Positioning - The company is focusing on enhancing its market presence through a structured approach to channel development, targeting key markets and price segments to improve its competitive positioning [8] - The company has successfully expanded its market share in both domestic and external markets, with a strategic emphasis on optimizing its product mix and pricing strategy [8]

Summary of Jinshiyuan Company Conference Call Company Overview - **Company**: Jinshiyuan - **Industry**: Baijiu (Chinese liquor) Key Points and Arguments Sales Performance - During the Spring Festival, Jinshiyuan's high-end product V3, priced between 500-600 RMB, showed excellent sales performance in cities like Huai'an, Nanjing, and Suzhou, indicating a significant upward trend. This success is attributed to a series of reform measures rather than competitors' mistakes or market space availability [3][4] Organizational Reforms - Since 2022, under Chairman Lv Xin's leadership, Jinshiyuan has restructured its management from a regional division to a departmental division, including Microchip, International, Financial, and Efficient Sales departments. This focused brand operation has effectively driven stable growth in the Guoyuan product series [4][5] Marketing Innovations - Jinshiyuan has innovated its marketing model by forming strategic alliances through group purchasing, particularly in Yangzhou, which stabilizes sales and enhances dealer cooperation. This model is especially effective for high-end and new products in emerging markets [4][6] Human Resource Strategies - The company has accelerated the promotion of leadership and external recruitment since 2022, increasing sales personnel from approximately 800-1,000 to around 1,500. This investment in human resources has significantly improved overall operational capabilities [7][9] Pricing Strategy - Jinshiyuan employs a gradual price increase strategy to maintain price stability for its main products, such as Guoan 4K, which has remained stable since 2022. This approach has bolstered dealer confidence and consumer trust, avoiding adverse effects from price fluctuations [10][11] High-End Strategy Progress - The high-end strategy is showing initial success, with the V3 product becoming a mainstream choice for business consumption in certain regions of Jiangsu. This success provides a strong foundation for extending more high-end product lines [12] Market Conditions in Jiangsu - Jiangsu's market is crucial for baijiu companies due to its large scale and stable structure. Jinshiyuan's solid foundation in this market allows it to focus on nurturing new and high-end products [13] Prospects in Out-of-Province Markets - Jinshiyuan is expected to perform well in out-of-province markets by 2025, having clarified its strategy and improved brand recognition among dealers. The company has laid a solid foundation for expansion, aiming for significant breakthroughs in the coming years [14][15] Brand Promotion and Development - The company tailors its promotional strategies based on product characteristics, ensuring the survival of dealers while enhancing brand image through flexible marketing tactics [16][17] Strategic Direction - Jinshiyuan's strategic direction is now clear, with sufficient reserves in organization and personnel training to support its expansion beyond Jiangsu. The focus on high-end product cultivation and investment is expected to yield significant results in 2025 [18] Investment Recommendation - The company is viewed as a strong investment opportunity due to its stable fundamentals and new growth logic in high-end products and out-of-province expansion. With a current valuation of approximately 15 times earnings, it is recommended for both absolute and relative returns in the baijiu sector [19]